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The Hindu Vocab 07.12.2017

Unwavering caution — on RBI holding repo rate

For the Reserve Bank of India there is just one economic indicator that dominates its policymaking calculus: price stability. With inflation-targeting as its main mandate (उद्देश्य) — the consensus (सर्वसम्मति) position that was articulated (व्यक्त) when the RBI Act was amended in May 2016 was that “price stability is a necessary precondition to sustainable growth (संवृद्धि) — the Monetary Policy Committee (MPC) has opted yet again to keep interest rates unchanged. It is not hard to follow the rationale (तर्क). Price gains as measured by the Consumer Price Index had accelerated to a seven-month high in October and the RBI’s survey of household expectations for inflation over both the three-month and one-year horizons showed a “firming up” (एक वर्ष के क्षितिज ने “दृढ़ता से ऊपर” दिखाया). The RBI’s bi-monthly policy statement also spelt out (पूरी तरह समझाया) ( the data points and trends that informed its decision-making. For one, the moderation in core inflation in the first fiscal quarter has largely reversed. Price gains excluding the volatile food and fuel categories are particularly at risk from “the staggered (लड़खड़ाना) impact of HRA increases by various State governments” that could push up housing inflation in 2018 and generate second-order ripples (लहर). Given India’s reliance on imports for a bulk of its fuel needs, the latest OPEC decision to maintain output cuts to keep global crude oil prices from softening can hardly provide much comfort.

Taking into account all factors, including some that may lend respite (मुहलत, कुछ समय के लिये रोक देना), such as the wide-ranging cuts to the goods and services tax rate, the RBI raised its estimate for inflation over the third and fourth fiscal quarters by 10 basis points from its October projection: headline CPI inflation is now expected to accelerate and range between 4.3% and 4.7% in the second half. The MPC is, however, more confident about the prospects for growth (विकास की संभावनाएं), concerns over higher oil prices and shortfalls in kharif crop output and rabi season sowing notwithstanding (के बावजूद). The Centre’s move to recapitalise public sector banks has won a vote of confidence from monetary policymakers for its potential to revive (पुनरुज्जीवित होना ) credit flows. Buttressing the confidence in the economy are the findings in the RBI’s survey, which posit an improvement in demand in the services and infrastructure sectors and an uptick in the overall business environment in the January-March quarter. (अर्थव्यवस्था में आत्मविश्वास को छेड़ने से आरबीआई के सर्वेक्षण में पाया गया है, जो सेवाओं और बुनियादी ढांचे के क्षेत्र में मांग में सुधार और जनवरी-मार्च की तिमाही के दौरान कारोबारी कारोबारी माहौल में बढ़ोतरी को दर्शाता है।) Ultimately, though, the central bank has once again proffered (निपुणता) a word of circumspection (सावधानता) to fiscal authorities: taken together, the farm loan waivers implemented by some States, the partial reduction of excise duty and VAT on petroleum products and the GST rate cuts could result in fiscal slippage (गिरावट) with accompanying consequences for price stability. For the RBI, caution continues to remain its credo (सिद्धान्त और विश्वास).

 

  1. Mandate: the granting of power to perform various acts or duties
    Synonyms : accreditation, authorization, delegation, empowerment, license (or licence), commission
    Words Related: commendation, consignment, entrustment, facilitation, fostering, promotion, commanding, directing, ordering
  2. Consensus : the state of being of one opinion about something
    Synonyms : accord, concurrence, concurrency, agreement, unanimity, unison
    Antonyms : discord, dissension dissent, opposition, resistance, conflict, disagreement, dissensus
  3. Articulated: able to express oneself clearly and well
    Synonyms: eloquent, fluent, silver-tongued, well-spoken
    Antonyms: inarticulate, ineloquent, unvocal, mute, speechless, tongueless, tongue-tied, voiceless
  4. Rationale: a statement given to explain a belief or act
    Synonyms: account, accounting, argument, case, explanation, reason
    Words Related: alibi, apologia, apology, defense, excuse, justification, vindication
  5. Spelt out: clarify, explain
    Synonyms: define,,describe, expound, illustrate, justify, point out
    Antonyms : confuse
  6. Staggered : to move forward while swaying from side to side
    Synonyms: careen, dodder, lurch, reel, teeter, totter, waddle
    Antonyms: decide, budge, stir, advance, continue, dive (in), plunge (in)
  7. Ripples : to flow in a broken irregular stream
    Synonyms : bubble, dribble, guggle, lap, plash, gurgle, splash, trickle, wash
    Antonyms : run, pour, roll, stream
  8. Respite : a short period of rest or relief from something difficult or unpleasant.
    Synonyms : rest, break, breathing space, interval, intermission, interlude, recess, lull, pause, time out, hiatus, halt, stop, stoppage, cessation, discontinuation, standstill
  9. Revive : to bring back to life, practice, or activity
    Synonyms : reanimate, recharge, regenerate, rejuvenate, rekindle, renew, resurrect, resuscitate, revitalize, revivify, rewake, rewaken
    Antonyms : extinguish, kill, quench, suppress
  10. Proffered : something which is presented for consideration
    Synonyms : offer, proposal, proposition, suggestion
    Words Related: counteroffer, counterproposal, countersuggestion, arrangement, game, groundplan, layout, line, plan, plot, project, strategy, system, conception, idea, notion, theory, thought
  11. Circumspection : a close attentiveness to avoiding danger
    Synonyms : alertness, care, carefulness, cautiousness, chariness, caution, gingerliness, guardedness, heedfulness, prudence, wariness
    Antonyms: abruptness, hastiness, impetuousness, precipitousness, rashness,suddenness, inconsiderateness, inconsideration, thoughtlessness
  12. Credo: a body of beliefs and practices regarding the supernatural and the worship of one or more deities
    Synonyms: religion, creed, cult, faith, persuasion
    Antonyms: agnosticism, know-nothingism, atheism, godlessness, nonbelief, secularism, unbelief
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